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Seismic firm TGS mulls $400 mln equity issue for PGS…

OSLO, Aug 7 – Seismic surveyor TGS could raise up to $400 million in new equity to pay for its proposed $600 million cash offer for a key unit of rival PGS, a senior TGS official told Reuters on Friday.

“If this transaction is made, we would seek to raise up to $400 million in a share issue,” said Sven Boerre Larsen, who heads TGS’s business development and acquisitions team.

PGS in a separate statement on Friday said it would consider the offer for its so-called multiclient data library, which TGS announced late on Thursday. (Reporting by Terje Solsvik, editing by Gwladys Fouche)

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